The Met Gets $56M Loan

AP Photo / Matt Rourke – Philly Opera House Rehab
The Metropolitan Opera House in Philadelphia is getting a $45 million renovation through a partnership with Live Nation and developer Eric Blumenfeld.

In the midst of a push to re-open by December, the under-renovation Metropolitan Opera House in Philadelphia has received a generous loan from investors.

“The Met” as it is affectionately known, secured $56 million from Fulton Bank, PIDC, Billy Procida and Enhanced Capital, according to the Philadelphia Business Journal.

Developer Eric Blumenfeld and Live Nation announced they were teaming up to revive the Met in May, with the initial cost estimated at $45 million.

The building was constructed in 1908 as a movie theatre by Oscar Hammerstein, but fell into disrepair and required substantial overhaul.

The project was also the subject of a request for $5 million in public funds through an RACP application, though that application has not yet received a response, according to the Journal.

The Met would increase Live Nation’s presence in the Philly market, as it currently manages or operates the Fillmore Philadelphia, Theatre of Living Arts and Tower Theater in the area. – Francisco Rendon